As the world around us continues to evolve, the aspects of site selection and business incentives change with it. The trends we can expect to see ramp up in 2023 are no exception. As businesses look to expand operations, you must consider the best locations and incentives to maximize your success – being aware of and having an understanding of trends this year will support you in this effort.
Below are our team’s top five site selection and incentives trends for 2023:
1. Increased Focus on Quality of Life: When business leaders look to select a location for their physical office or workspace, more attention is given to the area’s quality of life. Ultimately, business owners want to provide a positive work and living environment for their talent to attract and retain the best and the brightest. Aspects of quality of life that can mean the most in this search include employees’ access to amenities, recreational activities and a vibrant culture.
2. Greater Use of Technology: As technology plays an increasingly important role in site selection and incentives, companies are using data-driven tools to analyze potential locations and identify the best incentives for their business. Not keeping up with technological innovations means losing a competitive edge.
3. Enhanced Focus on Sustainability: Today, sustainability is a significant factor for many leaders determining the future site of their company’s location. Areas with incentives for green business practices and a commitment to supporting eco-friendly initiatives are often more attractive to organizations looking for a relocation or expansion.
4. Growing Concentration on Incentives: Areas with a commitment to attracting new locations or encouraging expansions are eager to offer appealing business incentives to businesses. Growing cities or communities, for example, want to spur local economics and bring in new businesses – an ideal way to stand out among thousands of other location options is through competitive incentives. Companies look for locations that offer tax credits, grants and other financial incentives.
5. Boost in Attention to Regional Partnerships: Further, regions with additional resources, such as universities and research centers, are appealing to businesses with long-term goals of retaining talent in that area. Regional partnerships offer unique career advancement opportunities to companies’ employees and leadership teams and is often a major selling point for an area.
Businesses ripe for expansion or relocation in 2023 should consider these trends when selecting the ideal location and available incentives for their business. Need help evaluating your options? Talk to our site selection and incentives team for support: